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Food Delivery

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UberEats

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Foodpanda

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Deliveroo

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RIDE-HAILING

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Data Report

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#Media Streaming

Netflix’s Brazilian users VS US users

Netflix’s customer retention in Brazil over the past 36 months showed that users in Brazil are extremely loyal. Over 60% of Brazilian users still subscribe to the service 2 years after joining. For US users, the long-term retention rate is lower than that of the Brazilian ones.

#Ecommerce

Target and Best Buy are Transforming Online

The uptrend of sales for both companies from 2018 to 2019 is obvious amid the downturn for most traditional retailers. Online sales of Target and Best Buy have both seen peaks during the holiday season throughout the past two years. The average monthly online sales of Best Buy during holiday has risen dramatically by almost 50% this year.

#GAMES

Chinese Players’ red envelope money goes to Honor of Kings

Tencent’s top grossing game Honor of Kings launched its biggest update with a new feature “Honor Badge” right before the Chinese New Year. It helped the game's revenues peak again in China. In-app-purchase sales in the first week of the holiday month grew by around 150%.

#Apps

MOMO beats estimates amid authority pressure

From April to July, MOMO's successful dating app Tantan(China’s Tinder) was removed from app stores in China. The app’s revenue was close to zero for over two months. However, on the first week it went live again, the number of paying users of Tantan soon went up by 50% compared to where it was 2 months ago.

Data Insights

#E-COMMERCE#GAMES#RIDE SHARING#DATING#ENTERTAINMENT
 
#Food-Delivery

Aug 11, 2021

Zomato vs Swiggy – Who Leads the Food Delivery Race in India?
With Swiggy’s recent $1.25 billion dollar raise from SoftBank, Zomato’s acquisition of Ubereats last March for $206 million, Amazon’s forage into the food delivery sector, plus the recent IPO of Zomato, India’s online food delivery market is surely heating up and garnering a lot of worldwide attention and heavy investments. At Measurable AI, we analyse millions of email transactions to produce actionable consumer insights for corporations and financial institutions who wish to stay ahead of their peers in today’s competitive market. Recently we wrote an article on the food delivery market in Hong Kong. On the back of our unique e-receipt data, we now take a deeper look at the Indian food delivery market. We will focus mainly on the giants Swiggy vs. Zomato, as well as Ubereats (which got acquired by Zomato in January 2020). Indian Online Food Delivery Industry Overview The global online food delivery market, estimated to be about USD 113 billion in 2020, is one of the few industries which are growing double digit CAGR. In India alone, the online food delivery market was worth around $US 4.66 billion in 2020 and is one of the fastest growing sectors attracting a lot of heavy investments. Compared to the year before, the market size was around $US 2.9 billion. By 2026, the industry is forecasted to be worth US$ 21.41 USD with a staggering CAGR of 28.95% during 2020-2026. So on what basis can this rapid growth be explained? One factor propelling the accelerated growth of India’s online food delivery market for sure are the changing lifestyle and eating habits of its local population. Hectic schedules compounded with growing disposable income levels in India are pushing people towards ready-to-eat food at a cheaper rate. The one-click, on demand feature has popularized food delivery options amongst busy urbanites. Also, the rising digitalization among millennials and the increasing proportion of working women plus the prevalence of double-income families who prefer eating out has driven online food delivery trends in India. Last but not least, the Covid-19 lockdowns have indubitably impacted the industry. We will take a look at how Covid impacted the Indian online food delivery business below. Interestingly enough, while the impact has been negative at first, post lockdown we witnessed some interesting trends such as order volumes surpassing pre-covid volumes of last year and the propensity to choose online payment methods instead of cash. Who Generates More Revenue in the Indian Food Delivery Market? First, let’s take a look at who is leading sales in India. Since January 2019, Zomato has always dominated the market in terms of revenues. As can be seen below, Zomato had a much wider lead over Swiggy and managed to keep up its sales momentum until the beginning of April 2020. This is when Covid struck and the nationwide lockdowns began. It was not until the end of May 2021, that Swiggy sales caught up with Zomato’s and the two competitors became more on par. In terms of average monthly spend amongst the players, we gathered that Swiggy users would spend more per transaction than Zomato users. Pre-covid, the average spend on Swiggy was roughly 220-250 Rupees (US$ 3-5). Spending seems to have picked up by a whopping 30% during the 2nd stage of the lockdown (around late April/May) with average transaction values hovering at around 300-350 Rupees (US$ 4-5). We attribute the first drop in spending due to most restaurants shutting down during the first lockdown in late March 2020. Consumers had shied away from online food ordering due to apprehensions on safety and a general preference for home-cooked food. After a month or two of lockdowns however, things have picked up again and recovery has been fast. We attribute this largely due to the prolonged boredom from eating at home and the desire to eat outside again along with the re-opening up of restaurants for food delivery service. How Are Users Distributed in the Indian Food Delivery Market? The graph below illustrates an index of the monthly users across the three players and how they stack up against one another since January 2019 up until June 2021. It seems that the pandemic has helped both companies improve their user economics and add more consumers as the frequency to dine out has dropped. Initially, Zomato has always taken the lead pre-Covid. From our data, Zomato suffered the biggest drop in users from the pandemic. This can be attributed to the abrupt nationwide lockdown whereby more than 95% of restaurants suspended their services. Also, Zomato acquired UberEats in January 2020 and there may have been some handover friction (we suspect some users may have switched to Swiggy). We noticed that after the lockdown ended in May 2021, the number of online delivery users picked up rapidly again as restaurants resumed their services and the frequency to dine out dwindled. Instead, the urge to dine outside got substituted by ordering food delivery online. Transaction Volumes and Covid Impact The impact of covid has evidently damaged delivery volumes for most online platforms. From our consumer panel, Zomato has always taken the lead in order volumes but during the abrupt nationwide lockdown, they experienced a 70% sharp decline in order volumes (along with a massive drop in users as highlighted in the section above). This is not surprising given that the lockdown (beginning 24 March 2020) resulted in more than 95% of restaurants listed on delivery platforms closing doors for food delivery. The lockdown also resulted in an exodus of migrant workers from the big cities to their hometowns. Don’t forget that these migrant owners form the bulk of the delivery fleet for online food delivery operators in India. As such, it was inevitable that when the lockdown was lifted, the delivery operators were faced with a supply problem and needed time to get things up and running again. Lastly, unlike the US and Europe, where the alternative to dining-out is primarily delivery, in India, the alternative can be either delivery or cooking at home. Cooking at home was particularly favored in the early pandemic days as a delivery boy from one of the major delivery operators tested positive for covid. As a result, this hurt consumer sentiment and trust in the safety of food delivery operators, thereby triggering a shift towards home cooking. As illustrated above, it was not until September 2020, that the food delivery volumes returned to ~60-80% pre-covid time. Volumes have picked up on the back of stringent safety measures put in place by delivery operators to win back customer trust. Furthermore, to add to their topline due to a decreased customer base, delivery operators have tried to venture into adjacent categories like grocery, pharma and alcohol delivery.­ What may surprise you from the insights we gathered from our consumer panel is that Swiggy is slightly leading Zomato in terms of order volumes post-covid. Why is this so? We dive into our data and realise that this is in parallel with Swiggy’s delivery fees being lower – sometimes free – and more aggressive than Zomato’s post lockdown. Which App is More Popular? When it comes to app popularity, we noticed that pre-covid lockdowns, Zomato dominated the market with over 70% of users in the online food delivery market. Swiggy and UberEats, on the other hand, had a combined market share of less than 30%. There seems to be little overlap in the user base amongst the players. When it comes to app popularity, we noticed that pre-covid lockdowns, Zomato dominated the market with over 70% of users in the online food delivery market. Swiggy and UberEats, on the other hand, had a combined market share of less than 30%. There seems to be little overlap in the user base amongst the players. Come post-covid lockdown though, Swiggy seems to have emerged stronger with roughly the same market share as its rival Zomato (this is even when Zomato has acquired UberEats!). Our data revealed that in 1Q21, Swiggy and Zomato shared roughly ~13% of the same user base. So why and how did Swiggy suddenly emerge so victoriously right after the lockdown? As mentioned above, we believe this has to do with Swiggy lowering its delivery fee more aggressively than Zomato. Payment Methods In terms of payment methods, for Zomato alone, we noticed that post-covid, more people are choosing to pay online via the app as opposed to using cash. Particularly in the second wave of covid (April-May 2021), there was a rapid increase in online payment methods in lieu of cash. (N.B. If you are interested in our online payment data, we have data on PayTM and PhonePe). Which Hours are People Most Hungry and Which Dishes are Most Desirable? Just for fun, we decided to take a look into our granular data to see which hours stirred the most hunger among the Indian food ordering population and which dishes were the most popular. Delving into our data, it looks like their lunch time is later than what we are used to in Hong Kong, with orders spiking at 1-2pm (intermittent fasting anyone?). Dinner time orders peak at the 8-9pm mark. When it comes to the most favored dishes amongst Indians, it looks like Chicken biryani wins the race across all three players. This is closely followed by Masala Dosa and then the Butter naan. I guess keto isn’t so popular in India. Conclusion The Indian online food delivery market is surely undergoing revolutionary times with much consolidation and sizable investments from tier-1 investors. The Indian food delivery market is almost like a duopoly, where both Swiggy and Zomato will continue to operate as independent aggregators. However, while both Indian food tech giants are flush with funds and pass the US$ 1 billion mark, the upcoming fight is no more about market share but expansion into adjacent sectors. Both companies are diverging on how to take their businesses forward. Zomato has chosen to deepen its focus on B2B services for restaurants, while Swiggy is going all-in and investing its energy into new non-food categories like Swiggy Go and Instamart. Stay tuned for our upcoming article in this exciting space. If you can’t wait or want more insights, don’t hesitate to write to us now at [email protected] to make use of our granular dataset for more informed and actionable consumer insights. About Measurable AI We are pioneers in gathering and parsing transactional email data for emerging markets with a strong focus on Latin America, the Middle East and South East Asia. We analyse billions of transactional emails and our clients are major players in the e-commerce, ride sharing and food delivery space. For more information, please visit www.measurable.ai. *The content is for informational purposes only. You should not construe any such information or other material as investment advice Prior written consent is needed for any form of republication, modification, repost, or distribution of the content. Please contact us at [email protected] About Swiggy Founded in 2014 with headquarters in Bangalore, Swiggy is India’s largest online food ordering and delivery company with operations in more than 100 Indian cities. In 2019, Swiggy expanded its general product deliveries under the name Swiggy Stores and it launched an instant pickup/go service called Swiggy Go. The service is used for a diverse array of items, including laundry and document or parcel deliveries to business clients and retail customers. In 2020, Swiggy also launched InstaMart to delivery grocery and household items in less than 45 minutes. For more information, please visit https://www.swiggy.com. About Zomato Zomato recently went public in July. The company was founded in 2008 in India and now has a presence in over 24 countries and 10,000 cities. In April 2020, due to rising demand for online groceries amid the COVID-19 pandemic, Zomato launched its grocery delivery services named Zomato Market in 80+ cities across India. To date, Zomato has acquired 12 startups globally, the most notable and recent one being its acquisition of UberEats India in January 2020, and acquired a 9.3% stake in Grofers, the online grocery store in India. For more information, please visit https://www.zomato.com.

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#Company Blog

Jun 17, 2021

A Grab Explainer: FoodDelivery, Rideshare, and More
Founded in 2012, Southeast Asia’s super app Grab is seeking an IPO through SPAC merger, which reportedly might become the biggest-ever U.S. equity offering by a South-East Asian company. Grab provides essential services including rideshare, food delivery, hotel booking, on-demand delivery, and payment services with its namesake mobile application. It now serves 670 million people across Singapore, Indonesia, Malaysia, Thailand, Philippines, Vietnam, Cambodia and Myanmar. At Measurable AI, the leading provider of transactional e-receipt data for emerging markets, we take a look at how Grab’s revenues fared across its delivery and mobility division in the midst of the pandemic. A Breakdown of Grab’s Revenues Across its Mobility and Delivery Division Up until Covid-19, the bulk of Grab’s revenues were derived from its mobility business. As illustrated in the diagram below, Grab mobility accounted for around 83% of the combined revenues from Grab’s mobility and delivery business. However, such ride-hailing services have suffered in the midst of the pandemic and after the launch of GrabFood (2018) and GrabMart (2019), delivery services now account for the bulk of Grab’s revenues (56% in 1Q20). Based on Measurable AI‘s very own transactional e-receipts data, the YoY growth rate of Grab’s delivery business for 2020 exceeded that in 2019 mainly due to the timely launch of GrabMart and the high demand for takeaway food. Apart from Grab’s booming delivery business, GrabExpress has also enjoyed rapid growth with revenues increasing more than 90% from 2018 to 2020. In contrast, Grab mobility has suffered the most during the pandemic and has fallen remarkably from its peak growth period throughout 2018 and 2019. That said, Grab’s overall revenues have not been greatly impacted by Covid-19 and have even witnessed an increase of 6% in 2020. In different markets, Grab’s growth performed diversely. During 2020 Q1-Q2, Grab Delivery experienced significant quarterly growth in its headquarter Singapore (109%). Starting from Q3 2020, things are starting to recover for the Mobility division. Specifically, in the Philippines, Mobility revenues kept growing back, and the momentum continued till Q4 last year. User Behaviour: Order Value and Overlap As for average order price (‘AOV’), the following table illustrates the AOV of Grab across its operations in different countries within the past year. Singapore captures the highest AOV in Southeast Asia, led by GrabExpress (as high as $USD11.2/order). Indonesia, on the other hand, experienced the lowest AOV across all businesses. In the past year, with the growth of Grab Delivery division, Gran users’ choice among its own ecosystem also changed. In 2019, only 26% Grab ride users also use its delivery services. But in 2020, the overlap grew to around 42%. The Popularity of Non-cash Payment Orders Given the increasing popularity of mobile internet, it is not surprising that the proportion of non-cash payment orders has risen significantly for Grab. Five years ago, less than 10% of Grab’s users were utilizing non-cash payment methods. Now it is more than 65% with the lowest penetration country being Thailand, at 58%. Singapore, on the other hand, not only tops the chart for the largest AOV but also for its e-payment penetration rate of 86%. Among all the cashless payments, some emerging players from Southeast Asia cover a huge portion. In Indonesia, OVO Pay ranks as the Top payment method for Grab users. Other than that, Grab Pay tops in almost all the other markets when it comes to paying for Grab bills. In both Philippines and Malaysia, Grab Pay is the No.1 payment method of all; in Singapore and Thailand, Grab Pay is the second-best choice for users after the traditional credit cards. In Vietnam, the most used payment method is Moca Wallet, a local leading mobile payment app, supported in the Grab app. By Michelle Tang, Jocelyn Yang, Tiger Li, and Kitty Cheung Talk to us for more transactional datasets on rideshare or food delivery industries in more markets. ABOUT US Measurable AIprovides actionable consumer insights based on millions of consumers’ transactional records for the emerging markets. *The Content is for informational purposes only, you should not construe any such information or other material as investment advice Prior written consent is needed for any form of republication, modification, repost, or distribution of the contents. Please [email protected]

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#Food-Delivery

May 18, 2021

Food Delivery Market in Hong Kong: Deliveroo, Foodpanda, UberEats
The competitive landscape of the food delivery market in Asia has changed a lot in 2021. Previously our reports showed how major food delivery companies in Asia were performing during covid (Read The Roller Coaster Goes On: Food-Delivery Companies in Asia). After a year of pandemic, the battle goes on, and is heating up in one of the most densely populated markets – Hong Kong. Based on Measurable AI’s transactional e-receipts data from January to April 2021, Foodpanda leads with a slight edge in revenue market share in Hong Kong, against its rival Deliveroo, while UberEats still occupies a smaller share at around 5%. In our previous study, we found out that Deliveroo Plus’ VIP users tend to order more frequently with a lower average order amount compared to its non-VIP users. Foodpanda’s paid users, however, behave differently. In late March, Foodpanda also launched its paid membership program Panda Pro with a $HK 65/ month subscription fee. Unlike Deliveroo Plus who offers free deliveries for all orders, Panda Pro only covers 5 free deliveries per month. Thus Foodpanda users on average still pay more on delivery fees. The chart below shows how users react to fees including order price(except for delivery fee) and delivery fee. Average order price: Deliveroo > Foodpanda > UberEats Delivery fee: UberEats > Foodpanda > Deliveroo The chart also shows that Deliveroo in recent months still owns the highest total order value and lowest delivery fee with a relatively medium-sized user group. Even if we weed out the Deliveroo plus users, Deliveroo still charges the lowest delivery fees. In April, the average spend of Deliveroo is around 20% higher than that of Foodpanda. In the past 4 months, the aggregate market size of the food delivery market in Hong Kong didn’t grow much. Foodpanda and Deliveroo had an approximate revenue market share of around 47% in both January and March. In the remaining two months, Foodpanda had a slight advantage owing to the monthly revenue decline of Deliveroo. User overlap is an important indicator of user loyalty. According to Measurable AI’s e-receipts data in 2021, 43%(+6% compared to 2020 data) of users choose Foodpanda exclusively. Among all Foodpanda users, 32%(-4%) also ordered food through Deliveroo and 12%(-8%) on UberEats. By Charlie Sheng, Jocelyn Yang and Kitty Cheung Talk to us for more transactional datasets on food delivery industries in more markets. ABOUT US Measurable AIprovides actionable consumer insights based on millions of consumers’ transactional records for the emerging markets. Jocelyn Yang is a data analyst with a background in economics and blockchain. She enjoys using Measurable AI’s unique transactional e-receipts data to generate consumer insights for the emerging markets. *The Content is for informational purposes only, you should not construe any such information or other material as investment advice Prior written consent is needed for any form of republication, modification, repost or distribution of the contents. Please [email protected]

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